Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-10-14
BOND MEN.
The Second Days Meeting of the Ma
ti8nal Bankers Association At
tended by Increased Numbers.
Interesting Addresses Delivered by MessTs.
williams of Albany and shepard OF
New York City.
SECOND pays PROCEEDINGS.

American BANKERS ASSOCIATION was calico
to order this morning by President Muir
ray. There was noticeable increase in
attendance, large number having ar
rived since the close OF yesterdays ses-
sion. After routine business had been
disposed of paper was read by Mr..
Williams of Albany es follows:
ADDRESS OF Mr. WILLIAMS OF ALBANY.
Mr. President and Gentlemen oflthe Conven-
ton:
1t has been suggested to me that re-
cspitulstion of the points made in the
paper presented from me on state taxa
ton of the national banks may aid the
convention in its full comprehension. 1
have aimed to establish the following
propositions, which, it seems to me. are
placed beyond successful controversy,
namely:
1. That the non-tsxsbility, either di-
rectIy or indirectly, by the states of the
bonds of the United States had, prior to
the authorization of the national banks,
become thoroughly settled as both con-
stitutional and statute law.
?. That Notwithstanding such exemp-
ton, and although the national banks
were required by the law authorizing
them to invest large portion Of their
capital in the bonds of the United States,
and they might so invest the whole of it;
the full value of all such bonds was sub
iected to state taxation through the taxa
zion OF their shares, on the ground thst
the shares are a property held by the
owner, distinct and Independent from
the property of the bank, and that the
taxation Of the shares was not taxing the
bank or it's capital, and therefore was rot
taxing the bonds in which the capital was
invested.
3. That while such taxation of their
shares, without proportionate deduction
for their investment in the bonds OF the
United States, was held by the banks to
be indirect taxation Of such bonds, and
therefore Illegal, their acquiescence was
compelled by decision Of the court of
last resort.
4. That although the concession to the
states Of the right to tax the shares of the
national banks is limited by the restric-
ton that "such taxation shall not be at q
greater rate than is imposed upon other
moneyed capital in the hands ofindividual
citizens;" yet it has been the practice Of
the taxing authorities of the states, by
artful and insiGious measures to evade
such restriction; and the state Of New
York, through its highest Judicial
tribunal, has made open declaration OF
its purpose to do SC.
5. In this situation it seemed to the
managers Of the national banks that they
could appeal with confidence to the courts
Of the United States to protect them from
bo nj of no CEatn 1u no INF
ment of the restriction imposed upon
them as condition of their exercise Of
the right to Ge&; and that this restriction
should b. enforced in it's fair and obvio is
meaning.
6 Instead OF which, we find the United
States Supreme court shrinking from the
following its own rule as to declaring an
unconstitutional state law void, because
10 do so would require the return Of the
money unjustly and unlawfully collected
from the bank shareholders under it.
Z. After twenty years Of adjudicsted
cases on these questions we find the same
court stultiFying itself by misrepresent-
ing It's previous decisions and oVerruling
and reversing their principles and doc
trines; and forcing an unWsrranted and
unnatural construction Of the English
language, to reach definition OF the
terms of the statute which shall support
its judgment denying the just claims Of
the banks for relief.
s. After formulating such unnatural and
unWarranted definition, the court, finding
that it does not reach far enough to sup
port It's predetermined judgment, thro rs
il all overheard and pronounces a judg-
ment directly opposed to its own defni-
ton and to the principles laid down in
previous cases.
8. Thus the defenses set up by Congress
for the protection Of the National Banking
system are, in the Language of the dissent
ing opinion of Mr.. Justice Bradley, rem
dered practically nugatory, and the Ma
tionsI Banks and their shareholders are
deprived OF their protection.
10. Thai the system of National Banks
is q fiscal system which organizes the
capital Of the country, with all its COM
mercisl and Industrial interests in
harmony with the interests, and in sup
port of the credit of the government
that it has contributed as needed
agency greatly to the vast development
of the country during the past quarter
century, and that it is Of much greater
importance to those interests that the
system be sustained than it can be to the
banks themselves or to their sharehold-
ers.
Il. As principle Of political science it
is beyond controversy that the mainten-
ance of the right Of property-capital-is
Indispensable to the maintenance Of the
rights of the Individual person; and that
if government fails in this, it fails in its
most vital and important duty.
u The banks do not ask faVors OF the
government or OF the courts. They de-
mand simply even-handed justice. That
the government and the people have. as
great an interest in giving as the banks
nave in receiving.
The following address was then pre-
sented from Mr.. Elliott F. Shepard Of
New York on "Capital and Labor are
One"
ADDRESS OF MR. SHEPARD.
Mr.. President and Gentlemen Of the Conven-
ton;
In response to your polite Invitation, l
have the honor to submit few thoughts
on the subject of capital and labor. That
portion of the surplus labor Of the United
States represented by the bankers of the
country is fine illustration OF the truth
that labor and capital are one, for Ii they
d4d not labor iDcpSas nflu thew Unuld have